Reddit largely leeches anyways. I’m not exactly sure why (I suspect the sorting algorithm and the quick turnover of content), but its community is shockingly unproductive in terms of content creation. The only thing it does somewhat well is aggregation. So no, I don’t think they have much to fear in that regard.

They are risking the relationship to their army of unpaid cops though. These people are absolutely crucial for maintaining the gentrification of that space. Without them, all the hard work to slowly change the tone towards an ad-friendly and ideologically compliant tune is going to be lost. It is not unlikely, but by no means guaranteed that they can recruit another batch of people wohnst willing to do this for free after ruining the relationship with those who got invested during a time when the company was masquerading itself as a community.